COVINGTON – TrueRate Services, a debt placement marketplace that optimizes the commercial real estate lending experience, today announced that Thorofare Capital will provide a $9.3 million refinancing loan for the final phase of Covington Town Center, a 180-acre mixed-use development. TrueRate Managing Director Dan Gorczycki secured the capital from the Los Angeles-based lender on behalf of the sponsor, Covington Town Center LLC.
Comprising 54.5 acres, the final phase of Covington Town Center consists primarily of retail outparcels that will be sold to individual retailers. The parcel is part of a large-scale master-planned development that will also include single-family homes, 350 apartments, 270 luxury townhomes, two hotels, and a 48,000-square-foot Publix supermarket that’s scheduled to break ground this summer. When complete, Covington Town Center will be the premier destination for shopping, dining and entertainment in the region. At build-out, the development is expected to attract 34,000 visits per day.
“There was significant competition among lenders interested in originating a loan with a developer that has done a masterful job of mixing all elements of housing, hotels and retail to serve one of the fastest growing suburbs in the Atlanta area,” said Gorczycki. “As TrueRate establishes itself as a one-stop-shop for borrowers in search of a more efficient bidding process, clients such as this will greatly benefit from our unique ability to create true markets in real time.”
Since its launch earlier this year, TrueRate has continued to take a customer-centric approach to commercial real estate lending, while facilitating a more efficient, transparent and competitive bidding process. Built by borrowers for borrowers, TrueRate is led by an executive team with more than 55 years of collective experience in commercial mortgage lending, having facilitated more than $23 billion including $10 billion of agency and HUD deals.
“Our clients rely on our certainty of execution and our ability to obtain the most optimal loan terms from our lending partners,” Gorczycki added. “With nearly $450 million in the TrueRate pipeline and strong connections throughout the industry, we’re optimistic about the opportunities that lie ahead.”